Picton Mahoney Asset Management Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Picton Mahoney Asset Management has increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.0% during the fourth quarter. This information was disclosed in the company’s latest filing with the Securities and Exchange Commission. The investment firm now holds 181,187 shares of the semiconductor manufacturer's stock after acquiring an additional 27,638 shares in the recent period. Broadcom makes up about 1.2% of Picton Mahoney Asset Management's overall investment portfolio, ranking as its 11th largest holding. As of the latest reporting, Picton Mahoney’s holdings in Broadcom are valued at approximately $42,005,000.

Investment Movements by Other Institutions

Other institutional investors are also making adjustments to their positions in Broadcom. For instance, Central Pacific Bank Trust Division raised its shareholding by 21.5% in the fourth quarter, now owning 20,955 shares worth around $4,858,000 after adding 3,707 shares. In a new acquisition, Wolff Financial Management LLC acquired shares of Broadcom during the same quarter, valued at roughly $244,000. Strait & Sound Wealth Management LLC significantly increased its stake by 829.8% in the third quarter, amassing 7,950 shares worth $1,371,000 after adding 7,095 shares. Additionally, Motive Wealth Advisors increased its stake by a remarkable 1,076.5% in the fourth quarter, owning 4,600 shares now worth $1,066,000 after buying an extra 4,209 shares. Lastly, Tidal Investments LLC raised its position by 969.3% in the third quarter, now holding 386,644 shares valued at about $66,696,000. Currently, institutional investors hold around 76.43% of Broadcom's stock.

Analyst Ratings and Views

Broadcom has attracted attention from several analysts recently. KeyCorp increased its price target from $260.00 to $275.00 and assigned an "overweight" rating to the company. Similarly, Rosenblatt Securities reaffirmed a "buy" rating with a price target of $250.00. TD Cowen also raised its price objective from $210.00 to $240.00 while giving a "buy" rating in December. Bank of America set a new price target of $250.00 after previously rating the stock at $215.00. Additionally, Cantor Fitzgerald reiterated its "overweight" rating and established a price target of $300.00 for Broadcom. Overall, there are three analysts rating the stock as a hold and twenty-five giving it a buy rating, leading to an average rating of "Moderate Buy" with a consensus target price of $231.48.

Insider Transactions

In related news, Check Kian Low, a director at Broadcom, sold 48,000 shares on January 6th for an average price of $235.35, resulting in a total transaction value of $11,296,800. This sale reduced Low's ownership by 29.80%, leaving him with 113,050 shares valued at approximately $26,606,317.50. Meanwhile, Director Harry L. You sold 6,540 shares on December 17th for an average of $240.00, totaling $1,569,600, reducing his stake by 17.68%. Insider trades recently reported indicate that 191,278 shares of Broadcom stock worth about $44,964,800 were sold in the past quarter, with corporate insiders now owning roughly 2.00% of the total shares.

Broadcom's Market Performance

Broadcom's stock opened at $195.54 recently and has experienced a 52-week low of $119.76 and a peak of $251.88. The company's market capitalization stands at $919.42 billion, with a price-to-earnings ratio of 159.50 and a PEG ratio of 2.29. Broadcom has a current ratio of 1.17 and a quick ratio of 1.07, while its debt-to-equity ratio is 0.98. The stock's 50-day moving average is $218.12 and the 200-day is $193.68. In the most recent quarterly earnings report, issued on December 12th, Broadcom posted an EPS of $1.42, surpassing analysts' expectations of $1.39. The company generated $14.05 billion in revenue, slightly below the anticipated $14.07 billion, and it experienced a return on equity of 28.00% with a net margin of 11.43%. Year-over-year, quarterly revenue grew by 51.2%, moving up from the $0.98 EPS reported in the same quarter of the previous year. Analysts forecast an EPS of 5.38 for the current fiscal year.

Dividend Information

Broadcom has recently announced a quarterly dividend of $0.59 per share, which will be paid to stockholders on March 31st for those on record as of March 20th. This dividend translates into an annual yield of 1.21%, amounting to $2.36 per share. Notably, Broadcom's dividend payout ratio stands at 113.46%, indicating a substantial commitment to returning value to its shareholders.

About Broadcom

Broadcom Inc. is a leading designer and supplier of various semiconductor devices, specialized in complex digital and mixed-signal complementary metal oxide semiconductor-based devices, as well as analog III-V based products, with a global presence. The company's operations are divided into two main segments: Semiconductor Solutions and Infrastructure Software.

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